{"data":{"id":"us-ky/krs-355.9-208","jurisdiction":"us-ky","citation":"KRS 355.9-208","heading":"Additional duties of secured party having control of collateral.","body":"(1) This section applies to cases in which:\n(a) There is no outstanding secured obligation; and\n(b) The secured party is not committed to make advances, incur obligati ons, or\notherwise give value.\n(2) Within ten (10) days after receiving a signed demand by the debtor:\n(a) A secured party having control of a deposit account under KRS 355.9 -\n104(1)(b) shall send to the bank with which the deposit account is maintained\na signed record that releases the bank from any further obligation to comply\nwith instructions originated by the secured party;\n(b) A secured party having control of a deposit account under KRS 355.9 -\n104(1)(c) shall:\n1. Pay the debtor the balance on deposit in the deposit account; or\n2. Transfer the balance on deposit into a deposit account in the debtor's\nname;\n(c) A secured party, other than a buyer, having control under KRS 355.9 -105 of\nan authoritative electronic copy of a record evidencing chattel paper shall\ntransfer control of the electronic copy to the debtor or a person designated by\nthe debtor;\n(d) A secured  party having control of investment property under KRS 355.8 -\n106(4)(b) or 355.9 -106(2) shall send to the securities intermediary or\ncommodity intermediary with which the security entitlement or commodity\ncontract is maintained a signed record that releases  the securities intermediary\nor commodity intermediary from any further obligation to comply with\nentitlement orders or directions originated by the secured party;\n(e) A secured party having control of a letter-of-credit right under KRS 355.9-107\nshall sen d to each person having an unfulfilled obligation to pay or deliver\nproceeds of the letter of credit to the secured party a signed release from any\nfurther obligation to pay or deliver proceeds of the letter of credit to the\nsecured party;\n(f) A secured pa rty having control under KRS 355.7 -106 of an authoritative\nelectronic copy of an electronic document shall transfer control of the\nelectronic copy to the debtor or a person designated by the debtor;\n(g) A secured party having control under KRS 355.9 -1051 o f electronic money\nshall transfer control of the electronic copy to the debtor or a person\ndesignated by the debtor; and\n(h) A secured party having control under KRS 355.12 -105 of a controllable\nelectronic record, other than a buyer of a controllable accou nt or controllable\npayment intangible evidenced by the controllable electronic record, shall\ntransfer control of the controllable electronic record to the debtor or a person\ndesignated by the debtor.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55677","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:47Z","sha256":"4d44a966579c6565e2dcfc44a31ff6d2c40c1927fbdbe57a05aa50ca0dda1b1f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.9-207","next":"us-ky/krs-355.9-209"},"notice":"GroundRules: Original legal text. Not legal advice."}